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About the Authors xi <p>Preface xiii</p> <p>Acknowledgments xv</p> <p>Introduction xvii</p> <p><b>PART ONE:</b> <b>Explanation of the GIPS Standards</b></p> <p><b>CHAPTER 1. Fundamentals of Compliance 3</b></p> <p>Scope of the GIPS Standards 3</p> <p>History of the GIPS Standards 4</p> <p>Governance of the GIPS Standards 5</p> <p>Organization of the GIPS Standards 7</p> <p>Fundamentals of Compliance 8</p> <p>Summary 12</p> <p><b>CHAPTER 2. Defining the Firm and Composites 13</b></p> <p>Defining the Firm 13</p> <p>Defining Composites 23</p> <p>Summary 50</p> <p><b>PART TWO:</b> <b>The Methodology for Calculating Returns</b></p> <p><b>CHAPTER 3. Portfolio Return Measurement 53</b></p> <p>Single Period Rate of Return 54</p> <p>Time Value of Money 63</p> <p>Performance of the Investor: Money Weighted Returns 67</p> <p>Internal Rate of Return 71</p> <p>Performance of the Investment Manager: Time Weighted Returns 77</p> <p>Portfolio Return Calculations for the GIPS Standards 82</p> <p>Summary 90</p> <p><b>CHAPTER 4. Composite Return Measurement 91</b></p> <p>Composite Constituents 91</p> <p>Composite Returns 93</p> <p>Single Period Composite Return Considerations 97</p> <p>Multi-period Composite Returns 100</p> <p>Summary 107</p> <p><b>CHAPTER 5. Dispersion and Risk Measurement 109</b></p> <p>Internal Dispersion 109</p> <p>Equal Weighted Dispersion 111</p> <p>Asset Weighted Dispersion 114</p> <p>Risk 119</p> <p>Summary 137</p> <p><b>PART THREE:</b> <b>Reporting and Maintaining Compliance with the GIPS Standards</b></p> <p><b>CHAPTER 6. Disclosing and Advertising Composite Performance 141</b></p> <p>Required Numerical Information 141</p> <p>Required Disclosures 149</p> <p>Length of Time for Disclosures 168</p> <p>Presentation and Disclosure Recommendations 168</p> <p>Supplemental Information 170</p> <p>GIPS Advertising Guidelines 171</p> <p>Summary 177</p> <p><b>CHAPTER 7. Wrap-Fee/SMA, Private Equity, and Real Estate 179</b></p> <p>Wrap-Fee/Separately Managed Accounts 180</p> <p>Private Equity 188</p> <p>Real Estate 198</p> <p>Summary 203</p> <p><b>CHAPTER 8. Maintaining Compliance with the GIPS Standards 205</b></p> <p>Organization and Oversight 205</p> <p>Return Calculation 211</p> <p>Error Correction 215</p> <p>Managing Composites and Presentations 220</p> <p>Summary 226</p> <p><b>CHAPTER 9. Verification 227</b></p> <p>Verification 228</p> <p>Performance Examinations 229</p> <p>Verification Considerations 230</p> <p>Required Verification Procedures 234</p> <p>The Verifier’s Report 241</p> <p>Preparing for Verification 241</p> <p>Summary 245</p> <p>Index 247</p>

<b>Bruce J. Feibel</b> is Managing Director of Investment Manager Products at BNY Mellon. Formerly, Mr. Feibel was Chief Strategy Officer for Eagle Investment Systems, a BNY Mellon company. Prior to this he was a principal at State Street Global Advisors. He is also the author of the book <i>Investment Performance Measurement</i>, published by Wiley. He earned his B.S. in accounting from the University of Florida. Feibel is a CFA charterholder, a member of the GIPS Risk Standards Working Group, and a past member of the CFA Institute Investment Performance Council. <p><b>Karyn D. Vincent</b> is the founder of Vincent Performance Services LLC, a provider of GIPS verification and consulting services. Prior to this, she was a partner at PricewaterhouseCoopers and was responsible for the firm's verification practice globally. Vincent currently chairs the GIPS Interpretations Subcommittee and is a member of the GIPS Executive Committee. Previously she chaired the GIPS Verification Subcommittee. Vincent earned her B.S. in accounting from the University of Massachusetts Dartmouth, and is a CFA charterholder and a CIPM certificant.</p>

<b>Complying with the Global Investment Performance Standards (GIPS)</b> <p>While CFA Institute has published the Global Investment Performance Standards (GIPS) for years, there has never been an in-depth discussion of their implementation.</p> <p>With this new book, authors Bruce Feibel and Karyn Vincent, both of whom have earned global reputations as authorities on performance measurement, fill that void by showing you how to calculate, present, and interpret investment performance in compliance with these standards, which are currently implemented in over thirty countries worldwide.</p> <p>Covering both the mathematics of relevant investment statistics and the policies and procedures for achieving and maintaining compliance, <i>Complying with the Global Investment Performance Standards (GIPS)</i> is a comprehensive guide to successfully using the GIPS standards in today's competitive environment. Divided into three engaging parts, this reliable resource contains:</p> <ul> <li> <p>Information on GIPS fundamentals, performance composites, and risk and dispersion measurement</p> </li> <li> <p>Insights on presenting performance for nontraditional asset classes and investment vehicles</p> </li> <li> <p>Advice on how both money managers and their clients can benefit from independent verification</p> </li> <li> <p>Illustrated examples and supplemental formulas that make the book a usable reference source</p> </li> <li> <p>And much more</p> </li> </ul> <p>If you're in the field of finance—as an institutional investor or as a manager that serves them—<i>Complying with the Global Investment Performance Standards (GIPS)</i> is a book you need to read.</p>

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